I sold a car to a gentleman, he is still making payments on the car so we placed a lien on the title *which is in my possession*. He hasn't made a payment, how long do I wait until action is taken? Do I repossess or is there another action I am suppose to take?

I live in Florida if that matters? Thanks

If you still have the title, then he doesn't own the car. Do you have a note stating the car is collateral?

Yes, it's states in the agreement that he is to pay $$$ no later then the 10th of each month for... months. Failure to pay will resort in repossession, but it doesn't say how many days before repossession. It does state as a result of a repossession he is not entitled to any refund of payments made.

Is there a time line we would need to go by before repossession?

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Originally Posted by angelz921

I sold a car to a gentleman, he is still making payments on the car so we placed a lien on the title *which is in my possession*. He hasn't made a payment, how long do I wait until action is taken? Do I repossess or is there another action I am suppose to take?

I live in Florida if that matters? Thanks

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Most banks and lenders would wait for 3 months before they repossess.
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The car is supposed to be paid off in 3 months.

You will have to repo, and you can do it anytime after he is in default

Send him a letter stating that he is in default of the contract and advise him to turn the car over to you or it will be repossed. Set a deadline (not more than a week) for him to turn it over.

I am happy to say, the gentleman paid the note with an apology and plans on paying off the entire note in 2 weeks. Thank you for all of your help!